DoCoMo buys into Tata telecom unit

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NTT DoCoMo Inc announced Thursday that it has completed its plan to acquire 26% of the common shares of Tata Teleservices Limited (TTSL), in accordance with the capital-alliance agreement announced by the parties last November, for approximately 127.4 billion Indian rupees (250 billion yen). The acquisition included 20% newly issued shares and 6% shares purchased from shareholders.

DoCoMo also is preparing to acquire roughly 12% of the common shares of Tata Teleservices (Maharashtra) Limited (TTML) for about 5.7 billion Indian rupees (11 billion yen) through an open offer, as the tender offer period ended on March 12.

Both TTSL and TTML are telecommunications units of Tata, India’s largest conglomerate based on operating revenues. The two companies together cover nearly all of India with high-quality wireless networks, as well as retail stores and customer-service outlets, and are building rapidly growing customer bases.